Paying for "College"

Front

What happens to unpaid interest on a loan?

Back

Unpaid interest can be added to the principal amount of the loan.

Front

What are the main costs associated with attending college?

Back

Tuition and fees, room and board, textbooks and school supplies.

Front

What is the FAFSA?

Back

The Free Application for Federal Student Aid (FAFSA) is a form used to apply for financial aid for college.

Front

What types of financial aid can you receive by filing the FAFSA?

Back

Grants, scholarships, work-study, and federal student loans.

Front

What is a key benefit of making interest payments during the grace period of a student loan?

Back

It lowers the total amount you will pay in student loans.

Front

What is the significance of scholarships and grants in college funding?

Back

They are forms of financial aid that do not need to be repaid.

Front

What is the difference between federal student loans and private student loans?

Back

Federal student loans are funded by the government and often have lower interest rates and more flexible repayment options.

Front

How often should you file the FAFSA?

Back

You should file the FAFSA at the start of each academic year.

Front

What is the impact of interest rates on student loans?

Back

Higher interest rates increase the total cost of the loan.

Front

What is a repayment plan?

Back

A repayment plan outlines how you will pay back your student loans, including the duration and monthly payment amount.